Research On The Behavior Of Large Shareholders' High Position Reduction And Tunneling

In order to conform to the development of the market,China began to carry out the reform of Share Division in 2005.Since entering the full circulation,the original large shareholders in the hands of the rapid appreciation of stocks,restricted shares released,the major shareholders began to reduce their holdings of shares.In recent years,the reduction behavior of major shareholders of a-Share listed companies has become the focus of the market large shareholders large-scale,disorderly reduction behavior has a negative impact on the market,causing dissatisfaction among small and medium-sized shareholders.2015 was the climax year for major shareholders,with a total of 1594 companies reducing their holdings and reducing their holdings by 555.46 billion yuan.Among them,Wambonda major shareholders reduced their holdings by nearly 5.8 billion yuan,the total reduction ranked first in a-Shares.In 2015,2016 and 2017,the SFC issued corresponding rules to standardize the reduction behavior of major shareholders.Taking Wambonda as an example,based on the theories of principal-agent,control income and signal transmission,this paper discusses the motivation of Wambonda reduction,the means of emptying and the influence on enterprises and the market on the basis of the background of securities market reduction system and the general situation of reduction.After analysis,it is found that the defects of the reduction system and the irrational psychology of small and medium-sized investors provide opportunities for the reduction of large shareholders,and the large shareholders will also reduce their holdings due to the need for project financing,risk aversion and arbitrage.In this case,the major shareholders used the concept of hot fried,rapid M & amp;a thickening performance,the release of high transfer and manipulation of information disclosure and other ways to push up the stock price for reduction and emptying.This behavior has a negative impact on the future development of the company,harming the rights and interests of minority shareholders and affecting the healthy development of the capital market.Based on the above problems,this paper puts forward some suggestions from perfecting the reduction regulations,adjusting the concept of IPO,strengthening the education of minority shareholders and perfecting the corporate governance of family enterprises,in order to standardize the reduction behavior of major shareholders and protect the rights and interests of minority shareholders.